Rigs

Two rigs returned to the U.S. Gulf of Mexico (GOM) in the latest count of active drilling rigs by Baker Hughes Inc. released Friday (Sept. 25). That brings the GOM tally to 31, still way off from its year-ago level of 59.

The combined North American oil and natural gas rig tally was down again in the count issued by Baker Hughes Inc. on Friday (Sept. 18), but the drop was less steep than in the previous week.

The combined North American oil and natural gas rig tally was down again in the count issued by Baker Hughes Inc. Sept. 18, but the drop was less steep than in the previous week. Meanwhile, BNP Paribas suggested that any natural gas price recovery will be tempered by winter production gains.

For the week ending Sept. 11, U.S. producers dropped six natural gas-directed rigs, according to the latest count from Baker Hughes Inc. However in Canada, six natural gas rigs were added. Meanwhile, the U.S. Energy Information Administration (EIA) is projecting continued natural gas price weakness and stubbornly strong production.

The U.S. and Canadian rig counts continued their slide in the latest Baker Hughes Inc. census amid the mantra of “lower for longer” oil prices now widely spouted by industry executives and analysts.

The oil-directed rig count took a big step down in the latest tally by Baker Hughes Inc. Declines in oil drilling mean eventual declines in associated natural gas production. But not to worry, there’s still the Marcellus Shale.

The U.S. oil and gas rig count saw a net decline of 13 as 16 rigs retreated from land drilling while three joined the hunt offshore, according to Baker Hughes Inc. in its report for the week ending Sept. 4. Texas took the biggest hit, losing 11 rigs to the ongoing price route.

Patterson-UTI Energy Inc. (PTEN), one of the biggest onshore contract drilling and pressure pumping companies in North America, reported that its rig count in August fell by almost half from a year ago and was down 5% month/month.

Houston’s Cameron International Corp., which last week agreed to a buyout by Schlumberger Ltd., is selling its offshore jack-up rig business to the U.S. subsidiary of Keppel Offshore & Marine for $100 million.